Brazil's largest flat steelmaker, commonly known as
Usiminas, earned 47 million reais ($19 million) in the quarter,
down 59 percent from 114.6 million reais in the prior quarter,
according to a securities filing. It reversed a net loss of
283.1 million reais a year earlier, the filing added.

According to four out of six analysts polled by Reuters,
profit at Usiminas was expected to be around 73 million reais
for the quarter. The other two analysts had estimated a net loss
of 45 million reais.

Operational indicators pointed to a mixed performance in the
quarter, with a decline in consolidated profit margins and
weaker-than-expected results at its mining unit.

Steel output and sales fell due to seasonal reasons, but
Usiminas responded to that by controlling costs and putting a
lid on growth in sales, general and administrative (SG&A)
expenses.

Management will discuss fourth-quarter results at a
conference call with investors later in the day.

A slump in the currency during the second half of 2013 drove
up expenses related to debt-servicing, paring back profits, the
filing said. Financial expenses soared 62 percent to 391.9
million reais in the quarter from the prior three months.

Revenue fell 0.2 percent on a quarterly basis after the
implementation of domestic price hikes for some products failed
to offset falling sales volumes.
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